Egypt Plans to Invest $4 bn to Boost Gas Output

State owned Egyptian Natural Gas Holding Company (EGAS) plans to invest close to $4 billion in 2014-2015 to boost natural gas production, according to Egypt Independent newspaper.

Company’s Chairman Khaled Abdel Badie last week said EGAS has finished four out of 10 natural gas which will be developed in this fiscal year.

The North Africa nation has been facing severe decline in gas output despite new discoveries. The deficit has reached about 2 billion cubic feet per day while the current output stands at 4.9 billion, compared with 5.6 billion produced the same time last year, Egypt Independent said on Monday.

Egypt has been diverting natural gas supply away from exports to the domestic market to meet demand. Its exports declined by annual average of 30 percent during 2010-2013.